Doing business? Do not trade during the day until you have covered it

It’s hard not to be excited at the dawn of a new year. The trials and tribulations of 2018 are well and truly behind us, and we look to the future with a sense of hope and optimism, as well as a sense of rebirth and renewal that is the driving force behind a career change. You have learned a lot over the past few years and have had an unpleasant feeling for some time. Feeling like it might be time to break away from the career ladder you’ve spent the past few years climbing. It may not be enough for you to feed your family with waste from the corporate table. Maybe it’s time to apply everything you’ve learned in your career in a less orthodox way and go into business for yourself.

This is not a decision you made easy. You have accumulated sick days by attending business seminars and seminars. You spend several lunch breaks chatting with business mentors. You have devoted a lot of your free time to developing a business plan and even started working on cash flow projections for the first year of trading. You’ve checked several suitable sites for doing business, made a few calls to some banks, and it looks like you might even be able to get funding to make your business a reality. You have built the beginning of a beautiful tower … But if you are not careful, everything can collapse around you.

Before starting your day of trading, it’s important to invest in the right insurance to protect your vulnerable nascent business …

Commercial property insurance

If your business will have a physical presence, it is very important that you have commercial property insurance so that a problem with your commercial property does not lead to the termination of trade. Business property insurance will limit your liability if your office space is damaged by vandalism, natural disaster, or anything in between.

Civil liability insurance

If you have a business such as a retail store where customers and customers will move around your business, it is very important to have liability insurance. This will limit your liability in the event of injury or even death of a client or client in an accident on your premises.

Employer’s liability insurance

Employer liability insurance or EL insurance is similar to civil liability insurance, except that instead of protecting you in the event of a customer injury, it protects you if an employee is injured as a result of their normal duties. See Qdos Contractor for more information. With politicians starting at just £ 4.58 a month, these are comparatively small costs that could save your business.

Cyber ​​liability insurance

Finally, there are a few things more important to small businesses than your reputation – your reputation is what drives customers to come back to you at the expense of your competitors. Your reputation allows your business to grow. When your reputation is compromised by a cyber security breach, it can be a colossal black eye for your business. Make sure your reputation (and your data) is protected by cyber liability insurance.

Insurance (like business) is about hoping for the best and planning for the worst. If you have the right policies in place, you can act autonomously and calmly, knowing that you, your business, and your reputation are protected.

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